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, republican house speaker john boehner put out this stirring call to action. >> mr. president, this is your moment. we're ready to be led. not as democrats or republicans but as americans. we want you to lead. not as a liberal or conservative but as president of the united states of america. >> mr. president, we are ready to be led. just show us the plan. that was encouraging. that seemed like we were going to have a deal, no problem. obama won the election. he'll hand them a plan. he'll make some small changes. that's how congress works, of course. pass it and we'll be done. we'll go home for christmas. not so much. president obama did hand them a plan as treasury secretary tim geithner made a special trip all the way to john boehner's office on capitol hill. he delivered the plan to speaker boehner, a plan pretty much identical to the one president obama just won the election on. you might have thought that would have been leading, the problem would have been solved. not so much. >> flabbergasted. i looked at him, you can't be serious. i've just never seen anything like it. >> so when you
is a lever to try to get the senate to put something on the floor, and speaker boehner has been very clear it's the senate's turn to act. senate dems aren't taking that bait. they feel like they'll put something on the floor. if they don't have republican consent for it, they will have to pull it or see it go down in flames, and then republicans can point to their failure and say, hey, look, they failed, too. so democrats are wary of kind of falling into this trap that republicans they feel are trying to set for them, and so there's this kind of staring contest up here where everybody is looking at everybody and it's like watching a slow motion car crash. >> using that metaphor of a staring contest, can you see anybody blinking? everybody thought -- i guess they thought first of all that boehner would blink and he'd take on his tea party and say i only want 50 or 75 votes. i don't need you crazy people. i just need a few normal people, and we'll get 150 democrats, and we'll pass something. he didn't blink and do that. is there any chance he will before monday? >> i think there's a chance if h
entrance. those are the suvs that likely boehner, mcconnell, pelosi and reid will come out of. let's talk about the deal. what if there's a deal, craig, for, i don't know, say 4 hr $500,000 the threshold of who gets taxes and who keeps -- everybody under that number keeps their tax cuts. everyone over pays more and there's spending cuts. is that a bad deal? >> yeah. i think it is. let me tell you why. because you can't get everything out of this deal that you want and frankly, all we're doing is kicking the can down the road. you know as well as i do this does nothing to deal with the $1 trillion plus deficits we have yearly. this is the fifth year in a row, we're going to have $20 trillion worth of debt on top of $48 trillion worth a long-term liabilities by the time mr. obama leaves office. this is the time to deal with this issue. we've been kicking it down the road ten years. we promised the nation in 2011 under the budget deal with the sequesters we would not let this get away from us. we shouldn't this time. for mr. obama to suggest i've cut a trillion in spending because he saved m
it passed through the chamber and send it to the house. house speaker boehner made it clear he had not move first. he wants to see the senate act. the ball is now in the senate's court for all intents and purposes. >> sam, isn't it a bit late in the day to be playing this game of chick snn. >> i don't know what constitutes late in the day at this juncture. i guess we have a few more days, a couple more hours here. i think there's a general consensus we probably will hit the cliff, but that doesn't mean they can't hurry and get something done a day after, two days after, do it retroactively. the hit that would be felt by families would be minimum in that case. a lot of negotiations. we'll see what mcconnell and reid can pick up and forge together. >> nbc news has been reporting that the president's holding firm to this position of not cutting taxes for people earning more than $250,000 a year. you've been talking to republicans all day. will republicans vote for a plan that looks like the president's first offer, $250,000? >> republican senators specifically were really looking for a $400,00
. that is the problem. >> laura: you can respond to stephen. true that john boehner didn't help with the plan bfiasco. stephen is right, isn't he not about harry reid, the idea that he is leading is farcicle. >> they did pass legislation to ensure that taxes wouldn't go up on anybody making $250,000. the senate actually passed legislation. >> laura: there were no spending cuts in that, though. >> the budget control act had $1.5 trillion in spending cuts already approved. so say that the senate hasn't approved spending cuts in the last congress is not true. the problem is this and i feel bad for john boehner if you were obama you don't know who to negotiate with. even with john boehner were to come to obama with a deal, john boehner is being held host and by members of his own caucus who won't let him do that. boehner can work with democrats to get it passnd and throw some of his support with the democrats to get it passed but the problem for john boehner is he has an election coming up for his own leadership position on january 3 and he is afraid to do that. >> laura: again, and i understand why juli
? is it to finally strike a deal? honestly, no one knows. but one thing is certain. house speaker john boehner and his fellow republicans could no longer weather the incredibly bad optics of sitting at home while the president of the united states and the senate were in washington. president obama arrived back at the white house this morning. the president will host a meeting tomorrow afternoon with senate majority leader reid, senate minority leader mcconnell, speaker boehner, and leader pelosi at the white house. senate majority leader harry reid took to the senate floor this morning to, shall we say, let boehner have it. >> if we go over the cliff, and it looks like that's where we're headed, mr. president, the house of representatives as we speak, with four days left after today before the first of the year aren't here with the speaker having told them they'll have -- they'll give them 48 hours' notice. the american people i don't think understand the house of representatives is operating without the house of representatives. it's being operated with a dictatorship of the speaker, not allo
behind closed doors with house speaker boehner, senate majority leader harry reid and senate minority leader mitch mcconnell talking about doing something to keep more than trillion dollars in tax increases and cuts from taking effect next week. also joining that party today, america's happy warrior. vice president joe biden will be there. while some appear ready to compromise others are still ducking, dodging, trying to dump the blame elsewhere. >> we all have our ideas and in the senate, you're right. we probably another 40, 50, 60 of saying that we're ready to both raise revenues and control entitlements. when's the missing ingredient? it is presidential leadership. >> i think in the end we'll get a deal. the question is the timing. >> am hopeful there will be a deal that avoids the worst parts of the fiscal cliff, namely taxes going up on middle class people. >> it's pretty apparent that we are not going to do what we've been called to do. this is 112th congress. we have had two years to deal with quote the fiscal cliff. >> let's bring in our man at the white house, peter alexande
>> is the president setting up house speaker john boehner here for a majority of the house vote? >> that's the real question right now. right now, the focus is on the senate. what does harry reid do? does he blink obama's plan to the floor or try to work with mcconnell in this 11th hour. you will have a tough vote for many house republicans. if that level is at 250 and it includes unemployment, make it so republicans may not. >> joy, do you think we have a deal? >> you know, ill'm still very dubious. but if there is a deal, it will be with a majority of democrats in the house and there's a political risk for boehner in that. >> thank you. you've been watching "hardball." we'll be back in one hour with an all-new live edition. until then, "politics nation" starts rite now. >> thanks, richard. thanks to you for tuning in. breaking news, president obama urges congress to make a deal to overt the fiscal cliff. he announces no deal, but progress may be in sight. >> and that would be the wrong thing to do for our e con mu. it would be bad for middle class families and bad for business
and boehner are meeting to discuss the fiscal cliff. we are hearing the president's planning to present a smaller offer. for the latest, we bring in peter alexander from the white house and mike viqueira from capitol hill. peter, let's talk about what's going on at the white house meeting. i hear senators are optimistic about a mini deal which, of course, will raise taxes on those above $400,000. expand the amt, cut some spending. what are you hearing? >> reporter: well, hearing a lot of different things right now. one of the items and ruled by rumor and then denials and frustrations, toure. we know that we saw senators mcconnell and reid arriving a short time ago. we didn't pelosi and boehner arrive yet but the vice president joe biden got here a short time ago, as well. there's other reporting from the hill right now about the potential that the president is going to return to what was basically his original outlined plan. perhaps a smaller plan but a plan where the threshold would be set closer to $250,000 as he initially had before the $400,000 offer that john boehner the white hous
, but ultimately john boehner has said he wants the majority of republican members of the house to vote for whatever deal happens. that's a key factor. they have to agree to something that president obama also agrees to. that's a big gap. basically he's -- i don't know that there's 120 house republican votes for that yet. plan b was voted on, a -- house republicans wouldn't approve of that, either. the how is like a big block here on any kind of permanent deal. >>> i want to bring in debbie wasserman schultz, florida democrat and head of the dnc. congresswoman, when you look at what's happening today, you know, this meeting that's going to be happening at 3:00 p.m., what's going to be talked about there, what do you think? >> look, as long as the leaders are talking, there is still time for us to hammer out a deand prevent us from going over the fiscal cliff. what will be talked about today is what do the outlines and parameters of a possible deal look like that can be agreed to by a majority of democrats and republicans. really i think the key thing here is, will john boehner, instead
boehner seems to care more about keeping his speakership. >> it is very hard for them to say yes to me. take me out of it. and think about their voters. >> he can be responsible for the largest tax increase in american history. ♪ we could have had it all ♪ rolling in the deep >> we start at the white house where at this very moment all four republican and democratic congressional leaders are meeting with the president, the vice president, and the treasury secretary trying to hammer out a fiscal cliff deal. the meeting began about an hour ago in what could be the final face-to-face meeting between the president and lawmakers of both parties before monday's midnight deadline. the house is scheduled to reconvene on sunday evening to do what we don't exactly know. so joining us live from the white house is nbc's kristin welker. kristin, welcome. >> reporter: thanks, karen. good afternoon. >> so what are we hearing about this meeting? i know it's still going on. any news? >> reporter: well, we do know this, a source familiar with these talks says that president obama is not going to be
cuts to expire for everyone except those making under $250,000 a year. john boehner plan "b" making $1 million. this looked like president obama coming back with the same deal at 250. they are miles apart. >> kimberly: you were able to speak to people on the hill. what was your reaction? >> andrea: the president spread the stories that he will come to the table with a deal. swan dive off the fiscal cliff, hold your nose. we're going off. president obama wants to us go off hecht will come back with a largeer plan. the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >> eric: what is the a terptive? $250,000 and above? we see obama not oftenning cuts at all. looking for
their members back to washington for work this sunday. that was after democrats blasted speaker boehner for their absence just yesterday. >> mr. speaker, we ought to be here. working. addressing these challenges. >> we are here in washington working. while the members of the house of representatives are out watching movies and watching their kids play soccer and basketball and doing all kinds of things. they should be here. >> meanwhile, some analysts say the washington waiting game is already dampening the economic outlook. take a look at this. consumer confidence has now hit the lowest level since august. according to a report from the conference board. so new year's eve is usually one time when everyone can cheer together. let's be real. if congress drops the ball before the ball drops this year, americans will have yet another reason to feel divided and frustrated with their leaders. we had the election and holidays. now the question is whether congress will make a new year's resolution to actually get things done. we have a great panel assembled here. i want to start with you, magg
. >> months and months of talks between the president and boehner, both times boehner could not deliver because they refuse because of grover norquist to allow any tax revenues whatsoever. they cannot cross over the threshold that has been built by grover norquist. >> grover norquist joins us now exclusively here on cnbc. grover, we just heard you are the target of those comments, but did harry reid get it wrong, because i thought that your organization actually gave its blessing to boehner's plan "b." >> reid has it wrong on a number of levels. the first, of course, is that the pledge that many congressmen and senators have made to oppose tax increases is made to the people of their state, not to me. in fact, harry reid now has the republican senator joining him from nevada who won because he made that commitment. he took the pledge, and the democrat that harry reid supported attacked him for taking the pledge, and the people of nevada said we want a senator who will stand with us against harry reid's tax increases, so -- and, of course, the issue that came up with plan "b" which was m
-cabrera in for larry kudlow. this is "the kudlow report." speaker john boehner calls the house back into session for sunday night. that stokes investor hopes for a fiscal cliff deal and this coming just a few hours after harry reid's comments sent the dow into a tailspin. we have complete coverage in this developing story which is happening tonight as we speak. also, as supplies from the obama team, ep achieve lisa jackson stepping down. can the coal companies finally breathe a sigh of relief? guess what happened in britain when the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of
? >> both sides say the president started on threshold of tax cut of $250,000. negotiations with boehner he moved to $400,000. not if you have for boehner. he wanted it to be $1 million or more. that is something that can beer worked on. spending cuts the republicans want to see more sacrifice from the president. what they wanted to see in talks not just the small amount of spending cuts to shut off the sequester in the short-term. republicans want entitlement reform, medicare changes and that is nowhere in the deal. that is a major bone of contention. no matter what happens in three or four days, medicare reform, entitlement changes, big battle looming. >> that suggests that the democrats are steering the ship. thank you. chief congressional correspondent mike emanuel standing by on capitol hill with the latest from that end of pennsylvania avenue. mike? >> good evening. coming out o a big white house meeting everybody agrees that the next step should be the senate taking the bipartisan action. so the pressure shifts to senate majority leader harry reid. and what he may be able to strike t
basically pointing the finger at house speaker john boehner who controls the house and could refuse a vote even if this obama-friendly package passes the senate. he's saying to house republicans, you better let us get not what you want, but something where we can reassure 97% or so of americans -- they haven't set the actual cutoff, a quarter million a year, $400,000 a year, $500,000 a year, something in that area, people above that, to get a tax rate hike on income above that. the president is insisting on a vote before the fiscal cliff. we'll have to see if john boehner goes along with that one and if the obama plan can pass the senate, but there's a bit of optimism, a bit of energy, the body language finally looks a bit more positive. back to you. >> steve, with that improvement body language and the prospects that maybe something will happened, doesn't the fact remain that representative boehner does not seem to have control of the republicans in the house, a group of them standing firm, no taxes -- on a no tax increase on anybody. >> that's right, which is why boehner pulled the plug,
, they are out wherever they are around the country and we are here trying to get something done. john boehner seems to care more about keeping his speaker ship on keeping the nation on firm financial footing. it's obvious, mr. president, what is going on around here. he's waiting until january 3rd to get re-elected as speaker before he gets serious with negotiations because he has so many people over there that won't follow what he wants. >> senator reed went on to refer to speaker boehner as a, quote, dictator. watch this. >> the american people i don't think understand the house of representatives is operating without the house of representatives. it's been operated with a dictatorship of the speaker. >> now this entire fiasco could have easily been avoided if senate democrats would have passed an extension of the bush tax cuts. the house sent them that bill months ago. they have been in control of the senate for years so why haven't they passed a judgment? they aren't serious about our nation's debts and deficits. we are $16 trillion in debt, we are running out of money yet again, trillion
boehner, which ultimately the republicans weren't going to go along with. but he said he would increase rates. he went to $1 million. >> yeah. >> the president mocks him publicly and said, oh, i won, and he said, oh, he wants to give tax cuts to those that make $900,000 a year. does that sound productive to you, juan or does that sound like he was rubbing it right in his face? >> you can't blame president obama and the democrats for the fact that republicans, his own republicans, abandoned john boehner, took away his power to negotiate with president obama and pretty much went home and they are still at home. it's unbelievable. three quarters of the american people think compromise. and compromise includes spending cuts and tax hikes. >> can i get a word in, guys? >> brent, the republicans passed a bill. the republicans pass it had. senate democrats haven't passed a bill in 1300 days. you have to be kidding me. >> it's much easier for the democrats to sit and file their nails and say those awful republicans. look at those awful republicans go. the democrats haven't done anything. now wh
into boehner. they have been saying all along that it is up for the senate to act and the president to act and the house has done its will, washed their hands of it. what's john boehner thinking going into this meeting? what do they hope to get if anything from it? >> what i'm hearing more broadly, luke is that there are so many conversations going on right now. and there seems to be more interest in one of the ideas that boehner has talked about which is use what the house has already passed which would extend all of the tax rates where they are right now and then amend it. and part of what is happening here is what can be done in terms of the wheels of legislation, what can be done in terms of political will. lots of conversations are happening. what we are learning is that no new paper has traded hands, if you will, so no actual proposals have been exchanged. will are very substantive discussions going on between people who are at a senior level in these negotiations. looking at ways they can probably bridge thing divide. some of the things we have been talking about is put the income t
boehner, accusing him of running a dictatorship in the house. >> speaker boehner is not willing to negotiate. we have not heard a word from leader mcconnell. nothing is happening. >> reporter: mitch mcconnell, the top republican in the senate, said it's reid who hasn't reached out for weeks. >> the phone never rang. and so now here we are, five days from the new year, and we might finally start talking. >> reporter: but talking about what? so far, reid has not introduced the scaled-down bill he was reportedly working on over the christmas holiday. sources say that bill would extend the bush-era tax cuts for americans making less than $250,000 a year. with the clock ticking, reid pointed a finger at the house of representatives, which still hasn't returned to washington. >> i can't imagine their consciences. they're out wherever they are around the country, and we're here trying to get something done. >> reporter: from his home in ohio, speaker boehner called on the house to come back this sunday, december 30. that's just one day before the fiscal cliff deadline when income tax c
into a sunday evening session just in case some deal can be reached. boehner is expected to attend the white house meeting but he's made it very clear. the next move is up to the senate. tara mergener has more. >> good morning, duarte. both sides say they are eager to talk and ready to strike a deal. the fiscal cliff is still a few days away, but business owner don carlino says he's already feeling the impact. >> a lot of our customers are holding back, they're apprehensive. they're not committing to projects. they're waiting to see what happens with the fiscal cliff. >> hope is fact if congress can get it done before january 1st. even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> president obama has invited nancy pelosi, john boehner, mitch mcconnell, and harry reid to the white house this afternoon for a fiscal cliff summit. >> here we are five days from the new year, and we might finally start talking. >> today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill t
blamed house speaker john boehner. just before christmas, boehner floated his so-called "plan b"-- letting taxes rise on millionaires. but faced with opposition in republican ranks, he pulled it, and sent the house home for the holiday. reid charged today politics explained why the speaker had not yet called the house back. >> john boehner seems to care more about keeping his speakership than keeping the nation on a firm financial footing. it's obvious what's going on. he's waiting until january 3 to get reelected to speaker before he gets serious about negotiations. >> warner: a boenhner spokesman shot back, "harry reid should talk less and legislate more." but late today, republican leaders put out word that the house will reconvene on sunday. yesterday, they challenged the senate to take the next step, by extending the bush-era tax cuts for all income groups. in a joint statement, they said, "the house will take... action on whatever the senate can pass, but the senate first must act. " president obama returned early from hawaii today, still pushing to extend tax cuts for the
boehner's leadership as a dictatorship. not helpful. >>> but first, to your top stories this morning -- retired general norman schwarzkopf died thursday at his home in tampa, florida, he's credited with devising the plan that drove saddam hussein's forces out of kuwait in 1991. known as stormin' norman for his strong personality. >>> the general said that he did agree with president george h.w. bush's decision not to follow saddam's decision into baghdad. >> ladies and gentlemen, when we here, we were 150 miles away from baghdad and there's nobody between us and bagsd. if our intention to take iraq, to destroy the country, if it had been our intention to overrun the country, we could have done it unopposed from this position at that time. >> schwarzkopf was honored for his service with the medal of freedom. queen elizabeth even awarded him with a knight hood. >>> former president george h.w. bush praised his leadership yesterday. general schwarzkopf is survived by his wife and three kids. he was 78 years old. >>> joining us now by phone, jack jacobs, medal of honor recipient and knew
boehner and harry reid took him to task for it earlier. demanding that he bring the chamber of commerce back to session for a deal to be struck. >> the house of representatives with four days left aren't here with the speaker having told them he will give them 48 hours' notice. if we go over the cliff it will be with the knowledge that could have been done with a single vote. >> andrea: boehner's spokesman said reid should talk less. the speaker insists the senate should ask first for members to reconvene on sunday. we can go off the cliff. pass the obama tax cut and reinstate the sequester cuts to things like he likes like the national institute of health and cut the defense budget. put republicans in the corner to say you want to bring a bill to the floor? be my guest. am i right? >> bob: my, you are cynical. keep in mind, they said, boehner said he wants to go to the senate. under the constitution, you cannot start a bill on taxes in the senate. has to come from the house. there is a 48-hour limit because you have to have the house of representatives look at it. i think the deal is c
hard for a deal, gregg. gregg: has the bickering between reid and boehner sort of poisoned the negotiations past the point that, you know, maybe this meeting will help at all? >> reporter: it may have because it's really, we've seen tensions escalate ever since before christmas when john boehner was not able to get a deal through the house where he has a very strong republican majority. he had a rebellion amongst some of his fellow conservatives. that is what held it up. senator harry reid as you say was very rough going directly after boehner yesterday. take a listen. >> the american people i don't think understand the house of representatives is operating without the house of representatives. it's being operated with a dictatorship of the speaker, not allowing the vast majority of the house of representatives to get what they want. >> reporter: the word dictatorship not sitting well at speaker's office of the as you can imagine his spokesman putting out a tough statement of his own saying quote, senator reid should talk less and legislate more. the house already passed le
recently, house speaker john boehner and president obama each made important concessions. the president on entitlement spending. speaker boehner on upper income tax rates. speaker boehner, though, could not get conservative republicans to go along and seemed at a loss on what to do next. >> we can't cut our way to prosperity. we need real economic growth. many of us believe on both sides of the aisle on the fundamental reform of the tax code will help us get our economy moving faster and put more americans back to work. and more americans on the tax rolls. how we get there, god only knows. >> president obama, meantime, seemed to lose patience. no sign he's eager to go off the cliff, but he's also not ready, either, to get in his words, what he'll get for free when the bush tax cuts expire tuesday morning. democratic lawmakers, though, are more willing to let that and everything else happen and both sides are still pointing fingers. take a look at mitch mcconnell and harry reid just this afternoon. >> you'll excuse me if i'm a little frustrated at the situation. >> republican leader find
boehner. they will blame the president. he has political capital that could evaporate. i'm not sure if he gets what he wants -- that is not how american politics necessarily works. host: what led to this meeting? harry reid was sounding pessimistic early in the day. then john boehner calling the house back sunday evening with a vote scheduled after 6:00 p.m., setting up a late sunday session or a lot of fireworks on monday. guest: the redskins-cowboys game is on sunday night. each side staked out a public position it had to stake out. use it at the end there's a sentence saying, but we will talk or negotiate. nothing unusual here to me. i think right now they are doing what they have to do publicly. we do not know what those people in the room at the white house are going to say and that is the key. host: the speaker will attend this meeting. he said the house has passed legislation to avert the fiscal cliff. now the senate must act. senator reid said it is up to the house. explain what is going on. guest: i cannot read john boehner's mind. let's say the senate takes up something where yo
early everything that is coming out of d.c. is about blame. not answers. >> speaker boehner should call members of the house back to washington today. he shouldn't have let them go in fact. they are not here. they are not here. john boehner seems to care more about keeping his speakership than about keeping the nation on firm financial footing. >> harris: a spokesman for john boehner fired back "senator reid should talk less and legislate more." and senate minority leader mcconnell saying we should have worked all this out months ago. >> and republicans aren't about to write a blank check or anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> harris: tonight, that is exactly where we stand. at the edge of a cliff throwing blame for how you we got here. a lot of finger pointing and no answers as i said and just days remaining until tax increases and spending cuts all kick in and we all feel the pain. mike emanuel live with the news for us tonight on capitol hill. top democrats seem to be suggesting they cannot cut a deal without republican he
speaker bane area caution him ofrm" dictatorship. >> boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> reporter: republicans blame democrats. >> republicans aren't about to write a blank cheque or anything senate democrats put forward just because we find ourselves at the edge of the cliff. that wouldn't be fair to the american people. >> reporter: president obama flew home early from his speaker boehner call the house back into town for an unusual sunday session. members of congress understand the 11th hour actions may not be enough to appease the public. >> the american people have a right to be very upset with this congress. >> reporter: the fiscal cliff would bring massive increases and deep spending cuts treasury department would have treble paying its bills. many -- many worry it would plunge the u.s. back into a recession. one possible effect of the fiscal cliff, milk prices could spike two or three dollars a gallon because farm programs will expire the end of the year. some are calling that dairy cliff. wendy gil
's not going to get inaugust -- inaugurated until the 21st, and boehner thinks the real deadline is february or early march. that's a time frame to look for, and the reality is if you look at the markets over the last while, they are correlated between the commodity markets, oil, bonds, stocks, and that has not been the case for many, many years, and so it's really one trade. there's a macro trade. what's going on in the u.s. with the fiscal cliff, and before that, it was all about europe. david: larry, your picks, disney and direct tv, i know you like the vegas stocks, las vegas sans, boyd gaming as well, but what about john's point that just to be safe because you never know. i mean, the worse can happen, happened before, and could happen again, those jokers inside the beltway very often don't come to a conclusion. wouldn't it be safe to put at least 10 #% of the portfolio in cash right now just in case? >> i just can't see it. the math is so compelling on the other side, and you have this just incredible sentiment. thirty years now, you have not been able to lose money in bonds. a lot of
that no republicans block the bill. house speaker john boehner agreed to bring the bill to a vote on the house floor. and leader nancy pelosi with the number of votes needed to pass. >> what folks are looking for and all of us agree on this is action. they want to see that we are focused on them, not focused on our politics here in washington. >> reporter: that was the last time this group met more than a month ago. with time running out to forge a scaled-down compromise, can they agree on even the most basic elements, extending some income tax cuts, preventing pay cuts to medicare providers, fixing the alternative minimum tax. among the options to gain votes, averting an estate tax hike toll woo republicans. there's still time but no room for error. if congress doesn't act -- >> the impact psychologically and financially on americans of another plunge in the negative territory for the economy would be extremely harmful. >> reporter: and candy, as i said, those leaders are still meeting with the president. we'll see if any of them come out and speak to us after that meeting breaks up as soon as we h
like had been on the table in so-called plan a, the $4 trillion debt deal he and john boehner had been talking about for weeks. so we might see a small bit of spending cuts just to stave off the sequester, the massive amount of spending cuts that will kick in at the beginning of the year to harm the pentagon and other agencies. if they are getting anything, there are low expectations but if they get anything it will be a very small deal, something much smaller than they have been talking about for weeks, jon. jon: there aren't too many people these meetings. so a little hard to get an assessment, what is your idea, what is your best, yeah, assessment i guess how things are between some of these leaders? >> reporter: they have gotten pretty tense the last couple of days as they have come back from the christmas holiday. we saw yesterday senate majority leader harry reid basically accusing john boehner of running a deck tate toreship, that was his word in the house of representatives. reid piled on a little bit late yesterday afternoon and senate republican leader mitch mcconnell respond
connell and john boehner representing the republicans. brianna keilar is live from washington. is anybody optimistic that a deal could be done today around a table? >> i will tell you the optimism is sort of sinking. senate majority leader harry reid said he doesn't see how it can get done by january 1st. we heard from president obama before he left from his vacation that he was optimistic. logistically the white house will tell you it's possible. when you listen to what you're hearing some of these congressional leaders say, there's a lot of posturing laying blame to the other side if we do go over the cliff. take a listen. >> republicans are not about to write a blank check for anything senate democrats put forward because we find ourselves at the edge of the cliff. >> we are here in washington working while the members of the house of representatives are out watching movies, watching their kids play soccer, basketball, doing all kinds of things. they should be here. >> now, house speaker john boehner is saying the senate needs to just take up a house pass bill that has already passed t
an obligation to do the best we can and that was made very clear. >> brown: house speaker john boehner aides said if the senate passes a bill the house will take it up and either accept or amend it and a short time ago president obama appeared in the white house briefing room with a statement. here is some of what he said. >> we had a constructive meeting today. senators reids and mcconnell are discussing a potential agreement where we can get a bipartisan bill out of the senate over to the house and done in a timely fashion so that we met the december 31st deadline. but given how things have been working in this town, we always have to wait and see until it actually happens. the one thing that the american people should not have to wait and see is some sort of action so if we don't see an agreement between the two leaders in the senate, i expect a bill to go on the floor. and i've asked senator reid to do this, put a bill on the floor that makes sure that taxes on middle-class families don't go up. that unemployment insurance is still available for 2 million people, and that lays the ground
reid blasted speaker boehner for letting lawmakers go on vacation. house makers are not due back until sun -- house lawmakers are not due back until sunday. boehner said the house will take action on whatever the senate can pass. >>> all the early season rain and snow we've been getting has water experts optimistic about california's water supply. the storms have replenished many reservoirs snow has increased snow back to nearly 150% of normal. >> partial supply in the barn either in reservoir storm or snow pack. however, it still depends on the remainder of the season 2/3 of the wet season is still let. >> snow pack runoff normally provides cal with a third of its water supply. >>> more -- more water on the way. >> this storm is so close to the coast it probably won't get snow in the sierra. good morning. because the storm is so close to the coast we have a high surf advisory be detail out there, dangerous rip currents as the storm passes today through tomorrow. beautiful picture from mount tamalpais this morning on san francisco you can see the embarcadero center still illuminateed.
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